Hardie chiefs quit over asbestos row

Two top executives at building products group James Hardie Industries have resigned in the wake of a scandal about the company's treatment of thousands of people poisoned by asbestos that it made.

Peter Macdonald, who stepped aside as the company's chief executive officer last month during an investigation into the scandal, has formally resigned, the company announced yesterday. Former chief financial officer Peter Shafron, who also stepped aside last month, has also quit, it said.

Asbestos victims welcomed the resignations but later expressed shock and outrage when the company said Macdonald would receive a US$6.5 million ($9.4 million) golden handshake.

Bernie Banton, a former James Hardie employee who is now suffering from an asbestos-related disease, said the size of the payment was mind-blowing. "It's taken my breath away," he said, adding that the payout could have compensated 12 asbestos victims.